US tech giant Apple reported $81.8 billion for the third quarter of FY 2023 which ended July 01 marking a 1.4% slump from the same period last year. It’s the company’s third consecutive negative in finances although it earned $1.26 per diluted share, increasing by 5% year-on-year.
There were some positives too. The company’s service revenue reached its record high of $21.2 billion. Apple Music, App Store, subscription-based services, and Apple TV+ are some of the revenue generators for the US firm. In addition, it managed to narrowly outperform Wall Street’s estimates for revenue and income.
For its third quarter in FY 2023, iPhone drew in revenue of $39.7 billion which was a 2% year-on-year fall. Likewise, Mac was responsible for $6.8 billion, marking a 7% decrease. iPad returns stood at nearly 20%.
“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” stated Tim Cook, Apple’s CEO. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”
Apple earned $19.88 billion in profit in the third quarter of FY 2023
Despite the total revenue drop, Apple saw its profit reach $19.88 billion. At the same time, the Cupertino giant saw an incredible 1 billion paid subscriptions for its “service businesses” for the period. The sales for its hardware were down though. CEO Tim Cook confirmed that iPhone 14 series sales were down 2% in comparison to the sales of iPhone 13 series a year ago.
“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” commented Luca Maestri, CFO at Apple. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.” The company’s board of directors in the meantime, has announced a cash dividend of $0.24 per share.
Apple is rumored to launch its next-generation iPhone 15 series on September 13. Find here: iPhone 15 Rumors Round Up | Design, Display, SoC, Camera, Battery, Launch Date
Cook also said that Apple has spent $22.61 in research and development so far in 2023.
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